Singapore Formally Approves LSEG/Refinitiv Deal After Benchmark Commitment
Posted by Colin Lambert. Last updated: May 25, 2021
Singapore’s Competition and Consumer Commission (CCCS) has granted conditional approval of London Stock Exchange Group’s takeover of Refinitiv following commitments by the firm relating to the availability of WM/R FX benchmarks.
The LSEG deal for Refinitiv closed earlier this year, however formal approval was needed for the firm to offer services in Singapore. The CCCS initiated a public feedback programme after being advised of the deal and cited “competition concerns” from third parties relating to the FX benchmark.
Under the terms of the commitment, LSEG says it will ensure the benchmarks are available to all existing and future customers for the purpose of providing index licensing services; to clearing houses for providing clearing services in Singapore. It has also committed to ensuring that the pricing and other commercial terms applied to the WM/R will not be changed in a way as to constitute a de facto failure to make the benchmark unavailable to customers, nor will it reclassify or redefine in a way to undermine their availability.
The commitment period of 10 years and the firm is to appoint a monitoring trustee to ensure compliance with the terms.